Important Decisions As We Approach Age 65

In years past, people retired at age 65 with full social security benefits and Medicare. This is no longer the case. The new “full retirement age” (FRA) – the age that people can receive their full Social Security benefits – is age 67 for people born in 1960 or after. Claiming benefits prior to your FRA (at age 62) will reduce your monthly benefit significantly. Waiting to collect Social Security until age 70 provides the maximum amount available. This important decision also affects your spouse, should you pass away and your spouse collects on your Social Security benefits.
Fortunately, Medicare still is available at age 65. If you do not enroll when you are eligible, Medicare will cost you more. About three months prior to your 65th birthday, you will receive Medicare information from the Social Security Administration. This information is important, as it provides critical deadlines regarding Medicare enrollment. You should consider and compare Traditional Medicare coverage, Advantage Plans, and Medicare Supplements (“Medi-gap Policies”). These are not “one size fits all” coverage plans, and careful review will be needed to make sure you get the coverage you need, at a cost you can afford.
The information in this article is limited, and a more in-depth discussion is in my website blog at www.themcnamaralawfirm.com. Please visit the website for a more detailed discussion, as well as articles on other legal topics. Please also “like” our Facebook page – search for McNamara Law Firm – to be kept up to date on legal issues.
If you or your loved ones are interested in estate planning, after-death administration, elder law issues, or related legal matters, please call the McNamara Law Firm at (661) 287-3260, or visit our website mentioned above.